This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form Introduction: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used for transferring the rights to an overriding royalty interest in multiple oil and gas leases located in Kentucky. This detailed description will provide an overview of the key elements and purposes of this assignment document. Keywords: — KentuckAssignmenten— - Overriding Royalty Interest — Multiple Lease— - No Proportionate Reduction — Long Form Overview: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form serves as a comprehensive agreement between the assigning party (assignor) and the receiving party (assignee). This document outlines the terms and conditions under which the assignor transfers the overriding royalty interest in multiple leases to the assignee. Key Elements: 1. Parties Involved: The assignment document identifies the assignor and assignee, including their legal names, addresses, and contact details. This ensures clarity regarding the parties involved in the transaction. 2. Lease Information: Detailed information about each lease is provided, including lease numbers, effective dates, legal descriptions of the properties, and the names of the lessees. This section ensures transparency and is crucial for accurate transfer of the overriding royalty interest. 3. Overriding Royalty Interest: The document specifies the percentage or fraction of the overriding royalty interest being assigned from the assignor to the assignee. This indicates the proportion of future income the assignee will receive from the oil and gas production under the leases. 4. No Proportionate Reduction: A significant feature of this long-form assignment is the inclusion of a provision that prevents any proportionate reduction in the assignee's royalty interest when individual leasehold interests are sold, assigned, or terminated. This ensures the assignee's royalty interest remains intact, unaffected by changes in the individual leases. Types of Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Standard Assignment: This long-form assignment can be used for typical transfers of overriding royalty interest in multiple oil and gas leases located in Kentucky. 2. Amended Assignment: In cases where an assignment requires modification or revision due to changes in the overriding royalty interest percentage or any other terms, an amended assignment can be utilized. It allows for alterations to the original assignment while maintaining the no proportionate reduction provision. 3. Partial Assignment: If only a portion of the overriding royalty interest needs to be transferred, a partial assignment can be prepared. This allows for a targeted transfer, retaining a portion of the interest with the assignor or assigning to multiple assignees. Conclusion: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a crucial legal document in the oil and gas industry. It ensures a transparent transfer of overriding royalty interest in multiple leases within Kentucky, safeguarding the assignee's interest from any proportionate reduction. By utilizing this assignment, parties can effectively manage their rights and royalties in the oil and gas production.Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form Introduction: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used for transferring the rights to an overriding royalty interest in multiple oil and gas leases located in Kentucky. This detailed description will provide an overview of the key elements and purposes of this assignment document. Keywords: — KentuckAssignmenten— - Overriding Royalty Interest — Multiple Lease— - No Proportionate Reduction — Long Form Overview: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form serves as a comprehensive agreement between the assigning party (assignor) and the receiving party (assignee). This document outlines the terms and conditions under which the assignor transfers the overriding royalty interest in multiple leases to the assignee. Key Elements: 1. Parties Involved: The assignment document identifies the assignor and assignee, including their legal names, addresses, and contact details. This ensures clarity regarding the parties involved in the transaction. 2. Lease Information: Detailed information about each lease is provided, including lease numbers, effective dates, legal descriptions of the properties, and the names of the lessees. This section ensures transparency and is crucial for accurate transfer of the overriding royalty interest. 3. Overriding Royalty Interest: The document specifies the percentage or fraction of the overriding royalty interest being assigned from the assignor to the assignee. This indicates the proportion of future income the assignee will receive from the oil and gas production under the leases. 4. No Proportionate Reduction: A significant feature of this long-form assignment is the inclusion of a provision that prevents any proportionate reduction in the assignee's royalty interest when individual leasehold interests are sold, assigned, or terminated. This ensures the assignee's royalty interest remains intact, unaffected by changes in the individual leases. Types of Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Standard Assignment: This long-form assignment can be used for typical transfers of overriding royalty interest in multiple oil and gas leases located in Kentucky. 2. Amended Assignment: In cases where an assignment requires modification or revision due to changes in the overriding royalty interest percentage or any other terms, an amended assignment can be utilized. It allows for alterations to the original assignment while maintaining the no proportionate reduction provision. 3. Partial Assignment: If only a portion of the overriding royalty interest needs to be transferred, a partial assignment can be prepared. This allows for a targeted transfer, retaining a portion of the interest with the assignor or assigning to multiple assignees. Conclusion: The Kentucky Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a crucial legal document in the oil and gas industry. It ensures a transparent transfer of overriding royalty interest in multiple leases within Kentucky, safeguarding the assignee's interest from any proportionate reduction. By utilizing this assignment, parties can effectively manage their rights and royalties in the oil and gas production.
